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It would seem that the wealthy are quitting offshore financial centres. According to research compiled by Wealth Bulletin, sister publication of Financial News, more than $500bn (€366.7bn) has exited Europe’s offshore centres since the start of 2008. That’s around 20% of the entire offshore funds held by individuals in Europe’s wealth havens.

The principality of Liechtenstein and tiny San Marino were the worst affected, losing around a third of their offshore funds, according to the research. But Switzerland – the world’s biggest offshore centre – is also hurting, haemorrhaging around 20% of offshore money.

The crackdown on offshore centres that has been gaining momentum since the G20 meeting in Washington in 2008 is taking its toll. Governments are making it harder for individuals to evade tax by squirreling it away in offshore havens. Amnesties are also clawing back funds; Italy’s most recent amnesty is believed to have converted at least $100bn offshore money to onshore.

But money isn’t just leaving for tax reasons. Legitimate offshore funds are being brought onshore by business owners to help finance cash-strapped companies in the face of tougher economic conditions.

In the face of this onslaught, offshore centres don’t appear to be helping themselves much. A meeting between Swiss, Luxembourg and Austrian finance ministers over the weekend in Luxembourg failed to come to a specific plan to counter efforts to end banking secrecy.